Why is Cardano Price Going Up Today? 144% ADA Rally on Cards
Cardano price has increased by over 22% in the past 24 hours and is trading above $1 at the time of writing. Cardano has experienced a significant increase in price as it surged 44% in the past seven days.
The surge comes after former SEC Chairman Gary Gensler announced his resignation. Like many altcoins, Cardano has previously been labeled a security by the SEC, which sparked bearish sentiment. However, with Gensler’s departure, many investors are now viewing it as bullish news, leading to increased demand for Cardano. Here’s a price breakdown from CryptoWorld analyst Josh.
Breaking through key resistance levels
Currently, ADA’s price is breaking through the key resistance level of the 50% Fibonacci retracement level, which previously acted as a strong barrier. This level is around $0.83, and moving above this level is a very positive sign for Cardano’s price action.
next price target
Looking ahead, the next major target for Cardano is the gold pocket area, between $1.13 and $1.22. This range can serve as a resistance zone, but if Cardano manages to break above it, the price could go as high as $1.76, in line with the 78.6% Fibonacci level.
Short term bullish continuation pattern
Prices may continue to rise. The price target for this pattern is around $1.18, with a potential movement of 43% from the breakout point. Even at current levels, growth of 133% is still possible to reach the model’s target.
Cardano and Bitcoin
ADA is currently outperforming Bitcoin. When the chart is bullish, it indicates that Cardano is rising faster than Bitcoin. Historically, whenever Cardano reaches this support level, it experiences explosive price gains relative to Bitcoin, possibly over the next few months or even into 2025. The last two times this has happened, Cardano’s price has surged by over 400%, a 5x increase. While past performance is no guarantee of future results, there is a good chance that Cardano will continue to outperform Bitcoin in the coming months.
